I would say that blackmail is the intersection of {things that are indistinguishable from threats} and {things that are indistinguishable from trade}. And yes, from the perspective of the blackmailers that includes both some things that are trade and some that are threats.
I would say that blackmail is the intersection of {things that are indistinguishable from threats} and {things that are indistinguishable from trade}. And yes, from the perspective of the blackmailers that includes both some things that are trade and some that are threats.